Each week, The Elevator Speech summarizes news related to some of the key industry trends, buildings, deals and dealmakers that shaped headlines. Here’s what caught our attention the week of March 12:
- Many of our members, including Jones Lang LaSalle, CBRE and MB Real Estate, received honors at the 24th Annual Chicago Commercial Real Estate Awards. The awards dinner drew more than 1,700 people and raised more than $900,000 for the Greater Chicago Food Depository.
- The delinquency rate on Chicago-area commercial mortgage-backed securities (CMBS) loans has hovered around 8 percent for the past several quarters, despite encouraging signs that demand for local commercial real estate space is growing. Experts are concerned that the delinquency rate will remain high as a wave of loans made at the peak of the market in 2007 start coming due this year.
- Chicago ranked ninth out of 120 cities worldwide in the Global Competitiveness Index, according to the Economist Intelligence Unit. Chicago is one of the top 10 most competitive cities in the world for its ability to attract capital, business, talent and tourists.
- Navy Pier’s governing board unanimously voted to hire a team lead by the co-designer of New York’s celebrated High Line to redesign the pier’s public spaces. The board members were impressed with landscape architect James Corner and his creative yet practical approach to the proposed revamp. We previously blogged about the five design teams and their plans to revamp Navy Pier.
- CBRE Group was recently named the top global brand in commercial real estate, according to a survey of industry professionals worldwide by The Lipsey Company. CBRE has been named the industry’s number-one brand by Lipsey for 11 consecutive years.
What headlines caught your attention this week? Leave us a comment and let us know.